An IVA is a legally binding agreement that protects you against any further action from your creditors and lets you sort out your financial problems without the stigma often attached to other options such as bankruptcy. Most IVA’s last for five years and you can expect to be debt free on completion of this period.
With an IVA you agree with your creditors that you will only pay what you can afford. That means a single payment each month and no further interest added. Your creditors agree to write off as much as 80% of your debt and leave you alone. On completion of the five years you are debt free and receive certification to prove you have been consistent in you payments.
An IVA is the best method to resolve worsening debt problems, especially if you are a homeowner with equity to protect.

It is our priority as a company to assist you in resolving your financial problems and getting you back on the road to financial stability. We have outlined below the process we take to help you become debt free.

Firstly.  One of our experienced debt advisers will ask you about all of your existing credit commitments as well as your current income and expenditure details. Once we have this information we are able to work out whether an IVA is appropriate or not. Should the IVA be an appropriate option for you we will then send you a questionnaire for your completion, it is vital that you answer all the questions that are applicable and return the form as promptly as possible. This form will provide the basis of your individual voluntary arrangement proposal
Secondly, our insolvency practitioner will then begin to draft your IVA proposal and get supporting documentation from your creditors. Once this is completed the proposal is sent to you for your approval and signature.
Thirdly, the proposal is then sent to all of your creditors and your local county court, the creditors are asked to read the proposal and to provide proof of the debt. A specific time and date is also set at this point for your creditors meeting
Fourthly, the creditors meeting is almost always a virtual meeting with the creditors sending in the votes either by post or fax. The creditors can choose to either, accept the proposal, reject the proposal or accept with modifications. If 75% (by value of debts) of your voting creditors approve the proposal then it is approved and all of your creditors (even those who did not vote or voted against) are legally bound by the terms of the arrangement.

An IVA is an extremely effective way of helping people to get rid of their debt problems and to make a fresh start. These are some of the main advantages of an IVA:

There is not the stigma or publicity that normally accompanies bankruptcy

A debtor can continue to trade in a business to generate income

As an IVA is highly regulated it is unlikely to be open to abuse by those offering IVA services

Creditors who vote against the IVA are still bound by it as long as the required majority (75% in value) of creditors have voted to agree it

An IVA doesn't affect your professional status or ability to hold public office.

With an IVA you only pay back an agreed percentage of your debts.

While an IVA is in place, it is illegal for your creditors to harass you and they normally agree not to contact you during this time.

An IVA enables you to have a regular bank account as long as it doesn't have an overdraft facility unlike in bankruptcy.

With an IVA, interest on your loan is frozen which means that your debt won't keep growing.